Pale Fire Capital
Private equityPrague · Seed–Late Stage · 7 people tracked
Investment thesis
Pale Fire Capital invests in and builds technology and e-commerce businesses, entering strong companies as a long-term investment partner. It provides both capital and hands-on strategic support across expansion, digitalization, management building and further growth, drawing on operating experience from having built companies such as ePojisteni.cz, Favi and Aukro. The firm writes checks of roughly CZK 10M to 500M and aims to grow projects at least tenfold, leveraging central teams in marketing, HR and finance. It has built more than 20 companies expanding beyond the Czech Republic and Slovakia into Poland, Germany, the US, Spain, the UK, Italy, Romania, Hungary and Croatia. It also devotes a share of portfolio value to supporting nonprofits.
Source: firm website, verified Aug 3, 2026.
Team · 7 people
from the firm's website & public directories
What they invest in
from 17 of 22 portfolio companiesMarketplaces ×6SaaS ×5E-commerce ×4Fintech ×3Hardware ×3LegalTech ×2Travel & Hospitality ×2AdTech ×1
HQs:Czechia×8Spain×1Poland×1Slovakia×1
Investments · 22 tracked
founders shown can be your intro path
Groupon operates a marketplace connecting consumers with discounted deals from local and national merchants across restaurants, beauty services, travel, entertainment, and retail products.
E-commerceMarketplacesRetail Tech
Andrew Mason(Founder)in
Co-investorsAndreessen HorowitzBattery VenturesInterlace VenturesMaveronHyde Park AngelsMaverick Ventures
ACOND designs and manufactures air-to-water heat pumps, including its Grandis, PRO, and Aconomis product lines, using R290 refrigerant and scroll or rotary compressors.
CleantechEnergyHardware
Arpem operates an online insurance comparison platform that lets consumers compare prices and coverage across more than 25 insurers, with a focus on car insurance.
FintechInsurTechMarketplaces
Aukro is a Czech online marketplace for buying and selling new and second-hand goods, including electronics, clothing, home items, and vehicles.
Circular EconomyE-commerceMarketplaces
DAVINCI is a B2B online platform that automates group accommodation bookings for tour companies at large hotels across Europe, replacing traditional email and phone-based reservation processes.
B2B MarketplacesSaaSTravel & HospitalityPrague, CZ
Co-investorsReflex Capital
FAVI is a search engine and shopping platform for furniture and home decor, connecting shoppers with products from partner retailers on a cost-per-click basis.
AdTechE-commerceMarketplacesPrague, CZ
FLY.PL is a Polish travel agency offering holiday packages and destination guides for leisure travelers, covering destinations such as Turkey, Greece, North Macedonia, and Bulgaria.
ConsumerTravel & Hospitality
LitFin provides litigation funding, offering financing solutions to companies and individuals pursuing legal claims.
FintechLegalTech
MUNIPOLIS (formerly Mobilní rozhlas) provides a communication platform for municipalities and local governments to reach citizens via SMS, email, and app notifications, along with tools for official websites, surveys, participatory budgeting, and an AI assistant.
GovTechSaaS
An insurance comparison platform founded in 2019 that simplified insurance selection and achieved market leadership in Poland.
Zwift is an indoor cycling and training app that connects to smart trainers and dedicated smart bikes, letting cyclists ride, train, and compete virtually with others.
GamingHardwareSports Tech
Co-investorsCauseway Media PartnersCauseway PartnersHighland EuropeHiro CapitalTrue.Shasta Ventures
Exits · 1
IPOs and acquisitions across the tracked portfolioGroupon, Inc.NASDAQ: GRPN
Portfolio news
latest coverage across their companiesZwift · zwiftinsider.com · Aug 19, 2026
Groupon, Inc. · aaii.com · Jul 14, 2026
Frequently asked questions
- How many investments has Pale Fire Capital made?
- Pale Fire Capital has 22 tracked investments.
- What stage does Pale Fire Capital invest at?
- Pale Fire Capital invests at the Seed, Growth, Late Stage stages.
- What is Pale Fire Capital's typical check size?
- Pale Fire Capital typically writes checks of $450K – $22M.
- What sectors does Pale Fire Capital focus on?
- Pale Fire Capital focuses on Consumer, E-commerce, Fintech, Marketplaces, SaaS.
- Where is Pale Fire Capital located?
- Pale Fire Capital is headquartered in Prague, CZ.
- Does Pale Fire Capital lead rounds?
- Yes, Pale Fire Capital leads investment rounds.
- Who does Pale Fire Capital co-invest with?
- Pale Fire Capital most often shares deals with Andreessen Horowitz, Battery Ventures, Causeway Partners, among 11 tracked co-investors.
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